Stryker 1Q Earnings Rise, But Company Says Covid-19 Hurt Business
April 30 2020 - 4:04PM
Dow Jones News
By Allison Prang
Stryker Corp., a medical technology company, reported adjusted
earnings and higher sales that beat estimates but said the deferral
of medical procedures because of the Covid-19 pandemic had a
negative impact on the results.
Net income was $493 million in the first quarter, which
increased 20% from a year ago. Earnings at Stryker were $1.30 a
share, up from $1.09 a share.
Earnings were $1.84 a share when adjusted for some items.
According to FactSet, analysts were expecting $1.81 a share.
Net sales were $3.59 billion, up 2%. Analysts were expecting
$3.57 billion. The company said organic net sales rose 2.4%.
"The response to the COVID-19 pandemic has included
unprecedented measures to slow the spread of the virus taken by
local governments and health care authorities globally, including
the deferral of elective medical procedures and social contact
restrictions, which have had a significant negative impact on
Stryker's operations and financial results," the company said,
noting most of its "businesses saw dramatic declines" last month
even though unit volume rose.
Write to Allison Prang at alllison.prang@wsj.com
(END) Dow Jones Newswires
April 30, 2020 16:49 ET (20:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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